- SundaeSwap is the Cardano ecosystem's first decentralized exchange.
- The exchange and staking platform is the first dApp to use Cardano's smart contracts.
- Users suffered from failed transactions within the first two minutes of SundaeSwap's launch.
- Analysts have predicted a further drop in Cardano price, a continuation of its downtrend.
The launch of Cardano's first decentralized exchange revealed underlying problems in smart contracts on the network. Within the first two minutes of launch, users suffered failed transactions and congestion in the altcoin's network.
Cardano network's first dApp mainnet launch suffers from failed transactions
Cardano network's first decentralized application (dApp), SundaeSwap launched, causing a stir among users. Within the first two minutes of SundaeSwap's launch, users suffered failed transactions, congestion in the smart contract network and platform errors.
SundaeSwap's launch was scheduled for 9:45 pm UTC on January 20. Within the first two minutes, the Discord server of the decentralized exchange filled with failed transactions and network congestion messages.
The failed transactions could be caused by a sudden influx of users and a spike in activity. The decentralized exchange was the first smart contract application to go live on Cardano's mainnet, the Ethereum-killer's ecosystem.
Cardano price climbed consistently over the past week but suffered a drop over the past 24 hours. Cardano price has plummeted since the launch of SundaeSwap; experts believe the failure of the decentralized exchange's launch is one of the key factors fueling a bearish narrative for the altcoin.
Michaël van de Poppe, a crypto analyst and trader, has predicted a continuation of Cardano's downtrend.
Got there. $ADA pic.twitter.com/o1s5DjWNrF
— Michaël van de Poppe (@CryptoMichNL) January 20, 2022
@tedtalksmacro, a crypto analyst and investor, believes that the launch of SundaeSwap was the top for Cardano price, followed by exit liquidity.
Sundaeswap was the top, Charles engineered some exit liquidity $ADA pic.twitter.com/Dh6XFG3bij
— tedtalksmacro (@tedtalksmacro) January 21, 2022
FXStreet analysts have evaluated the Cardano price trend and predicted that the Ethereum-killer is on track to hit $2.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple risks extending losses despite Ripple-SEC motion to release escrowed $125 million
XRP comes under immense pressure, falling toward $2.09 as Israel and Iran escalate conflict. Ripple and the SEC file a joint motion requesting the release of $125 million held in escrow.
Crypto Today: Bitcoin, Ethereum, XRP clamber for support amid escalating volatility on Israel-Iran tensions
The cryptocurrency market has been hit by a sudden wave of extreme volatility, triggering widespread declines as global markets react to tensions between Israel and Iran.
Sui Price Forecast: Sui eyes triangle fallout below $3 as Open Interest, TVL plunge
Sui (SUI) edges lower by over 5% at press time on Friday, concurrent with the broader crypto market crash due to the escalation of the conflict between Israel and Iran.
Bitcoin eyes a drop toward $100,000 amid cautious sentiment as Middle East tensions escalate
Bitcoin price edges below $105,000 on Friday after falling 4% over the last two days. Market sentiment sours as conflict in the Middle East escalates, with over $1.15 billion in liquidation across crypto markets.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.